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LMS Co. Ltd. swings to loss in Q1

LMS Co. Ltd. said its first-quarter normalized net income was a loss of 84.52 South Korean won per share, compared with 305.44 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 677.5 million won, compared with income of 2.54 billion won in the year-earlier period.

The normalized profit margin declined to negative 3.5% from 8.2% in the year-earlier period.

Total revenue declined 24.1% year over year to 23.43 billion won from 30.88 billion won, and total operating expenses fell 18.7% year over year to 22.41 billion won from 27.57 billion won.

Reported net income came to a loss of 777.7 million won, or a loss of 97.01 won per share, compared to income of 3.98 billion won, or 478.49 won per share, in the year-earlier period.

As of May 16, US$1 was equivalent to 1,177.43 South Korean won.